Innovation Imperatives in Retail Banking

Size: px
Start display at page:

Download "Innovation Imperatives in Retail Banking"

Transcription

1 Cognizant Reports Innovation Imperatives in Retail Banking Banks must thoughtfully analyze the data generated by cloud-enabled mobile and social computing to streamline services and create innovative ways of transacting that appeal to the millennial demographic, and beyond. Executive Summary The current climate of increased regulation, combined with a global economic slowdown, is challenging the profitability of retail banking operations around the world. Regulatory compliance has added significantly to the cost of doing business and is impacting sources of fee income upon which banks have traditionally relied. Global economic sluggishness has resulted in depressed loan demand and historically low interest rates, creating enormous pressure on bank interest margins. It is against this backdrop that financial institutions are attempting to concurrently address the dual objectives of streamlining operations while rethinking how to go to market with innovative products and services. To survive and flourish, banks will need to renew their operating models and develop innovative services that differentiate themselves from the competition. This can happen if they build upon core strengths and unique characteristics that allow them to continue satisfying existing account holders while attracting the next generation of customers. As operating costs rise and income sources decline, retail banking operations require a fundamental and continuous review of their operating structures and processes. Many banks have focused on reengineering their user interfaces across delivery channels, in an attempt to provide customers with an integrated multichannel user experience. By eliminating these channel silos, they can lower operating costs and improve time to market with new products. This type of innovation will drive customer acquisition and retention, changing methods of customer engagement from push to pull across the physical and virtual worlds. Even as they look to do this, banks must protect their existing customer base from the growing threat of non-traditional competitors that have entered the banking space with disruptive technology advancements. With this need to innovate, many banks are turning to mobile services and social media to create operational improvements, as well as analytics-based (and thus more targeted and personalized) ways of engaging customers across all demographics, most particularly with the increasingly desirable millennial market segment. Cloud computing has emerged as a way to drive down costs to pay for this service delivery innovation. Furthermore, analytics as a service has the potential to monetize the data proliferating from cognizant reports august 2012

2 the explosion of mobile and social computing and enhance business case development for investment in mobile and social media. This white paper will discuss how the retail banking industry can respond to new competitive threats while also reducing costs by transforming their operating models and enabling innovation through smart technology investments. Innovation Drivers The retail banking industry faces an unprecedented need to invest in new operating efficiencies while reducing costs. At the same time, it needs to improve customer experience across all channels and offer consumers more targeted products and services. All of this must be accomplished in an environment of limited resources and a need for near-immediate return on investment. Technological advancements will play a key role in the dual pursuit of efficiencies and customer gratification. Developments in mobility and social computing are seen as the most exciting opportunities in decades for improving customer interaction and revolutionizing the way consumers conduct their banking. Moreover, new-age competition and demographic change are further driving investment in technologies that boost productivity and help retain competitive advantage. Mobile, Social Media and Collaboration Mobile devices are creating opportunities for banks and other financial services providers to offer customers innovative ways of performing traditional banking functions. Nowhere is this trend more evident than in the area of mobile payments. Initial mobile banking services were basic in nature checking balances, etc. but advancements in device and communication technologies and the creation of native applications for mobile devices are allowing these services to move up the value chain, overcoming geographical and technological boundaries. In Indonesia, PT Bank CIMB Niaga, the country s largest bank, is leveraging the widespread reach of mobile devices (90% penetration) to provide money transfer services to a population spread across 17,508 islands. 1 This kind of innovation is disruptive to traditional banking practices and creates cost-efficiencies for banks while also increasing customer convenience and enhancing productivity. Smartphones, for example, utilize specialized applications that allow customers to deposit checks by sending images rather than physical items. According to a 2011 Federal Reserve study, 2 the use of physical checks declined by 7.1% between 2006 and 2009, even as electronic payments increased at an average rate of 9.3% in the same period, to $40.6 billion. Furthermore, mobile has proved to be the cheapest 3 means for processing banking transactions. Banks that encourage their customers to use this channel in increasing numbers have the unusual opportunity of simultaneously improving customer convenience and reducing cost. This approach would appear to match consumer banking preferences. In the UK, for example, research firm Intelligent Environment 4 reports that smartphone penetration reached 39% of UK adults in Furthermore, given the option, one in five Britons is willing to pay bills using their mobile phone, while one-quarter are willing to transfer funds this way. Mobile Implications Retail banks have little choice but to innovate in this rapidly changing environment. Prompted by the loss of some critical components of traditional fee income as a result of new regulations, 5 banks are scrambling to find new income sources and ways to reduce costs. For instance, nearly all retail banks are revisiting the criteria for offering no-fee services, such as for checking accounts. One trend among retail banks is to offer no-fee checking only to customers who meet far more stringent conditions than previously required, including the use of lower cost delivery channels, such as the Web or mobile. Smartphones will be the key driver for increased demand for mobile banking services. A study by ACI Worldwide and Aite Group 6 found 80% of respondents had used smartphones for mobile banking, while only onethird of non-smartphone users had reported doing so. Clearly, mobile banking and smartphone adoption will grow hand in hand. Arming consumers with real-time information regarding their current financial positions is useful. However, combining financial data with GPS technology will enable banks to provide value-added services not traditionally associated cognizant reports 2

3 with financial institutions, as well as counter the threats of non-traditional competitors. An example is location-specific services such as customized or special offers. Imagine receiving a message on your smartphone that you are currently standing two blocks from your favorite retailer, which is offering 50% off your favorite brand of jeans, and further, that your smartphone can also act as a payment device. Embracing the smartphone as a payment device to replace debit or credit cards will also provide banks with an answer to near field communication (NFC) and radio frequency devices, as well as new payment services such as the one popularized by Square. It is, therefore, imperative for retail banks to create a comprehensive mobile strategy that centers around an integrated and seamless multichannel banking experience. Banks that have been early adopters in creating a mobile banking presence are in an advantageous position compared with late-starters. However, mobile banking is moving rapidly, with continuous advances in devices and platforms, making it crucial for banks to stay on top of these developments. The Sway of Social If mobility is leading the way in retail banking product and service innovation, then social networking is transforming how retail banks interact with customers and strengthen their brands and reputations. The case of Singapore s leading bank, DBS, sheds light on how social media can be exploited. The bank has launched various social media initiatives, including one that encouraged young customers to design ideas for their next branch. In another, the bank offered special incentives to customers who used Facebook Places to check into selected partner outlets. 7 While social networking has been successfully leveraged across many industries overall, banks have been slow to reap its benefits (see Figure 1). Successful integration of social media into the overall strategy of a bank requires a long-term commitment as part of an overall retail strategy, and not a one-off effort that creates yet another channel silo. (see sidebar, "Keys to Successful Use of Social Media," next page). Customer engagement and education are critical components of this enterprise strategy. Banks that build rapport with their Facebook or Twitter followers through frequent and genuine conversations and rapidly respond to customer queries on in-house and external blogs will be the big gainers from this phenomenon. Examples abound of how social media can be utilized to predict and then track consumer response to new policies or products, providing banks with better information prior to making these decisions. Without question, tracking response through social media would allow banks to be more responsive to feedback, both negative and positive. An example is Bank of America s belated decision to rescind an increase in debit card fees after seeing consumer outcry on social media. In a positive response to social media s widening influence, some retail banks are proactively stepping up to the plate and leveraging more evolved thinking. For example, 1 st Mariner Bank in Social Media Experience is Still Nascent for Banks Q. Which statement best describes your firm's experience regarding social media? 8% Advanced: We have a social media competency and regularly use social media tools. 39% 32% Intermediate: We have launched social media efforts but don't consider ourselves experts. Novice: We have not launched any social media efforts. 21% Beginner: We have launched social media efforts but are not very experienced. Source: "Social Media at the Starting Blocks: A Look at Financial Institutions in Europe and the United States," Aite Group, November Response Base: 166 Figure 1 cognizant reports 3

4 Quick Take Keys to Successful Use of Social Media Develop a comprehensive social media strategy that is aligned with business goals. Ensure organization-wide buy-in; top management must take the lead. Identify key metrics and measure them regularly. Educate employees on the social media policy. Make social media a key part of the organization s culture. Identify risks related to compliance and revise the strategy appropriately. Source: Cognizant Research Center the U.S. launched a product aimed at customers in their late teens based on feedback from social media interaction. Big Data + Analytics = Big Opportunity Big data defined as datasets that are so large, fast-growing and diverse that they cannot be managed by traditional means is at the heart of how banks can cash in on the multi-channel experience. To harness the power of big data, banks need to implement data architectures that create a single customer view and a reliable source of enterprise data. This will require a move away from siloed data management and inconsistent data. Banks need to embrace virtualization and the power of cloud computing to reduce the capital expenditures related to building and managing IT infrastructure (see sidebar, "Cloud-Based Solutions: A Source of Efficiency"). Cloud-based models such as business process as a service 8 (BPaaS) have emerged as a key source for further reducing costs related to technology and talent acquisition, particularly in the areas of data collection and analysis. Data arriving from various channels, typically in non-standard formats, needs to be stored and then normalized to enable consistent real-time analysis. Deployment of analytics for various functions, such as risk management, reporting and process improvement, will be critical. The volume of data generated on a daily basis has grown exponentially, thanks to the increased use of technology. According to one recent report, 9 the amount of data stored in digital formats (globally, across industries) grew from 25% to 94% between 2000 and A 2011 report by The Tower Group estimates that mid-tier banks data volumes have multiplied 150 times over the past seven years. 10 In the UK, the Centre for Economics and Business Research (Cebr) found that data stored in banks employing more than 1,000 people amounted to 1,931 terabytes. 11 These factors are driving banks to improve their enterprise-level data management capabilities and deploy big data analytics. (see sidebar, "Keys for Successful Use of Advanced Analytics," next page). Quick Take Cloud-Based Solutions: A Source of Efficiency Lower total cost of ownership. Identify and eliminate non-value-adding processes. Provider takes care of access to latest technology and upgrades. Reduced technical and operational overhead. Fewer proprietary products being used and vendor contracts being managed. Clearer measure of risks depending on the nature and criticality of the process being outsourced. Lower risk of acquiring talent to run functions in-house. Source: "The Case for More Functional, Utility-Like Trade Management Systems, Cognizant Research Center cognizant reports 4

5 Insights derived from customer interactions are an important driver in continuously improving multi-channel user experience, operating efficiencies, and product and service innovations that can become important differentiators. 12 For example, behavioral analytics can be applied to mobile banking data to understand changing patterns to modify apps and improve services, accordingly. Social media analytics can be used to monitor customer sentiment toward a bank s brand. Banks can also identify individuals who are social media influencers and can be approached with direct marketing offers. However, applying analytics to big data has far greater potential. New regulations require banks risk programs to be predictive, utilizing historical bank information and external data sources. Analytics tools will play a key role in complying with these reporting standards, as they allow banks to combine historical data with future scenarios to make better-informed predictions. Analytics can also be deployed to improve day-today risk management, a function that has gained importance in the post-crisis era. Banks are now required to take a more holistic view of risk across the organization. Combined with enterprise data management, banks can use analytics to better understand their risk exposures and make decisions accordingly. Another area where analytics can help is with fraud detection. The rise of online and mobile banking has spurred a new set of fraud schemes across banking and financial services. In fact, the sector experienced the highest number of fraud cases across industries, according to a 2010 report issued by the Association of Certified Fraud Examiners. 13 Fraud analytics, such as real-time and repetitive analysis, can help banks identify unusual and suspicious activities. Clearly, the big data revolution has created many new opportunities for banks. By embracing cloud-based advanced analytics solutions delivered through the BPaaS model, banks can leverage the power of big data and advanced analytics, while bypassing some of the troublesome issues related to technology and talent acquisition. Fending Off Non-Traditional Competitors Even as retail banks attempt to revive their revenue streams and reputations, nimble-footed, technology-driven entrants are gaining popularity and market share. These competitors vary in size and ambition, but they have all built their business models around mobile and social media. While some niche players are trying to get a piece of the revenue pie by offering banking services to specific market segments, such as the unbanked, others are far more ambitious, seeking, for example, to dominate the mobile payments landscape. To maintain their market-leading position, retail banks will need to think and act more innovatively to improve existing products, while developing new services to meet the demands of a competitive marketplace. Meanwhile, the competitive landscape is being transformed by non-banking players, thanks primarily to technological advancements and the adoption of existing technologies for new purposes. Among the greatest of these threats is payment services. Mobile phones are morphing into wallets, resulting in the establishment of mobile network operators (MNOs). Manufacturers, e-commerce providers, retailers and software developers Quick Take Keys for Successful Use of Advanced Analytics Put a clear strategy in place for analytics implementation. Rely on fact-based decision-making. Use data that is unique to the bank to carve out competitive advantage. Identify process inefficiencies through the use of analytics; use insights to create efficiencies and improve margins. Review and enhance the analytics implementation on a regular basis. Source: Cognizant Research Center cognizant reports 5

6 are entering the payments space, threatening banks traditional domain. Meanwhile, payment old-timers such as PayPal have begun targeting the retail point of sale (POS) terminal with devices that scan credit/debit cards. Mobile payments are expected to grow exponentially over the next few years (see Figure 2), fueled by strong consumer adoption of smartphones. Among the various mobile payment options gaining acceptance are mobile wallets, NFC-enabled devices, mobile Web payments and payment stickers. These trends threaten to marginalize banks in the payment arena and impact their revenues. Of greater concern is the fact that banks have been historically slow to adopt these types of new technologies due to their heavy investment in legacy infrastructure. For banks to maintain their preferred position with consumers, it is important that they create a strong mobile services presence. Furthermore, they can extend their already strong positions by participating in emerging consortiums to offer mobile payments. More importantly, they need to invest in key technological layers that allow mobile payment systems to work with legacy banking systems. According to Forrester Research, initial trends have shown that banks are investing in three areas of mobility: alerts, remote deposits and person-to-person payments. 14 An early example of how banks can leverage innovation can be found in South Africa s joint venture company Oltio, created by mobile network provider MTN and Standard Bank. Oltio s payd platform, launched in August 2011, generates PIN numbers through customers mobile phones for online payments through debit or credit cards. 15 Mobility has also shown great potential for banks to address the unbanked market. There are an estimated 2.5 billion adults that make up the unbanked category in the developing world. 16 In the U.S., 7.7% of the population remains unbanked. However, mobile phones are beginning to reverse this trend. 17 For example, in poor countries such as Kenya, mobile devices have helped overcome the lack of infrastructure by allowing person-to-person money transfer in rural areas. The service, called M-PESA and offered by Safaricom, allows individuals to cost-effectively pay for cabs, electricity and even for services such as digging wells. In a mere four years, this phenomenon has transformed banking in the African nation. The number of M-PESA outlets skyrocketed from 355 in April 2007 to 27,988 in April During , M-PESA was used for million transactions worth $8.53 billion. 18 Direct Banks Direct banks are generally Internet-based and, therefore, tend to have lower operating costs than their brick-and-mortar counterparts. Their ability to offer higher rates on deposit accounts has fueled phenomenal growth in recent years. Some online-only banks saw their combined deposits grow 70% since 2008 to $330 billion. 19 Mobile Payments Set to Grow Gross Value of Mobile Payments Transactions, U.S. $M $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $ Source: "3Q.2011 Global & Regional Mobile Payments Market Forecast," IE Market Research, Figure 2 cognizant reports 6

7 Prominent among these are Ally Financial Inc., American Express Co. and Discover Financial Services, which saw their deposits grow between 55% and 190% since ING Direct, recently acquired by Capital One, has also created a physical presence by opening ING Direct Café branches in eight U.S. cities. 20 The banking activities offered at these locations include a physical staff that assists with account openings and answers customer questions while offering inexpensive coffee and free Wi-Fi. These banks have also built strong mobile banking capabilities. An example of how innovations in mobile apps can drive new-age customer service is E-Trade s mobile application. The online financial services giant provides an application that uses voice commands to enable brokerage customers to review their portfolios, initiate trades or get stock quotes. This type of application could easily be extended to banking customers, as well. Moreover, there is strong potential for service innovations utilizing voice commands. Crowd-Funding and Peer-To-Peer Lending The purpose of crowd-funding and peer-topeer lending is to build online communities of like-minded individuals who are willing to lend or borrow at rates or terms unavailable through traditional sources. By avoiding the high overhead of commercial banks, such initiatives are able to meet the funding requirements of small businesses and start-ups. These communities are small and focused, with users highly active in day-to-day discussions. The recent credit crunch gave impetus to these initiatives, with sites such as Kickstarter boasting more than a million users. ZestCash is a startup that provides loans to people with poor or no credit history. Utilizing extensive data analysis, ZestCash is an example of how technological innovation is making it possible for new players to enter the market, offering differentiated services. The big data revolution is what enables ZestCash to crunch through large data volumes to uncover indicators of customer credit-worthiness. In the UK, Zopa has established itself as a successful peer-to-peer lending site and is seen as a key source for small business financing despite the fact that lenders, consisting mainly of ordinary citizens, assume the credit risk. Zopa, which expects to lend 100 million pounds this year, 21 does not take any responsibility in the event of a default. Because these Web-enabled service providers are not subject to the same stringent regulations as banks, this niche is likely to remain the province of non-bank entities. For retail banks, a key to success will lie in their ability to effectively manage credit risk while reaching out to small businesses. This is reflected in a February 2012 survey 22 by the American Sustainable Business Council, which found that small businesses believe it is more difficult to get a loan today than it was four years ago. Rise of the Millennials The millennial 23 generation, also known as Generation Y, is changing the rules of engagement with financial services providers. Millennials are techsavvy, active social networkers and are committed to planning for their financial future. Their tech savvy is reflected by the fact that they lead the adoption of smartphones among all age groups. 24 They want to interact with their bank online, yet they also value good service as they define it. They also want to plan for the future using sophisticated tools and are drawn to online capabilities when researching new banks. 25 Given these traits, it is critical for banks to develop products and services that meet these expectations. Millennials have fully embraced mobility and social media, and banks hoping to meet the expectations of this market segment must do the same. This means the days of adapting online applications for delivery over a mobile device have already passed. Native applications continue to be refined in ways that recognize the unique features of smartphones and ipads. Keys to success will be the effective use of the screen real estate of these devices and the delivery of information that leverages the anytime, anywhere nature of mobility. Financial institutions that can extract meaning from mobile transactions and social media interactions and use these insights to tailor offerings relevant to millennials will be perceived as having greater business value to this rising demographic. Indeed, this is a market segment that is continuously looking for the next big thing; therefore, banks that hope to maintain a solid relationship with millennials can never stop innovating. Success requires a long-term strategy that incorporates social and mobile channels built on cognizant reports 7

8 an extensible foundation that can respond to or lead the next wave of innovation. Conclusion Retail banking is undergoing transformative change, driven by new regulations, technological advancements and changing consumer behavior. This puts retail banks in an unenviable situation. They must invest in innovation, while creating new revenue opportunities and retaining customer loyalty in the face of increased (traditional and non-traditional) competition. All of this is occurring at time when interest margins and profits are under intense pressure. For banks, this means prioritizing investments in areas such as regulatory compliance, core banking system modernization, channel optimization and data management. 26 Although most banks face similar challenges, a single solution will not suit all organizations. Culturally, therefore, banks need to inculcate an organizationwide thought process that embraces innovative thinking. Creating a culture of innovation will be crucial to making these investments count. Footnotes 1 Mobile Innovation Does the Business in Indonesia, Sybase, February The 2010 Federal Reserve Payments Study, Federal Reserve System, April Mobile Banking: A Catalyst for Improving Bank Performance, Deloitte, James Richards, Banking on Mobile Innovation, Mobinetic, February Nessa Feddis, Fees Cover Costs, as Other Income Has Declined, The New York Times, April 29, Katherine Field Boccaccio, Smartphones Shown to Drive Demand for Mobile Banking and Payments, Chain Store Age, May 15, Yeong Kar Yan, Youths Design Bank for DBS, The Urban Wire, Oct. 14, BpaaS refers to the provision of business services encompassing the underlying IT infrastructure, platform and skilled manpower, to run specific business processes in a virtual, globalized and distributed operating model. 9 Martin Hilbert and Priscila López, The World s Technological Capacity to Store, Communicate, and Compute Information, University of Southern California, April Jim Eckenrode, Evolving Customer Relationship Management: What s the Next Best Action? Tower Group, February Data Equity: Unlocking the Value of Big Data, Center for Economic and Business Research Ltd., April Akhil Tandulwadikar, How Analytics Can Transform the U.S. Retail Banking Sector, Cognizant Technology Solutions, Fraud Detection Using Data Analytics in the Banking Industry, ACL Services Ltd., Retail Banks Increasing Mobile Investment, Forrester Research, Inc. and Consumer Bankers Association, June 20, SA Firm Up for Mobile Innovation Award, SouthAfrica.info, February Banking the Unbanked: The Role of Mobile Financial Services, World Economic Forum and Boston Consulting Group, May Tim Chen, Why 7.7% of Americans Are Unbanked, Forbes.com, Jan. 3, cognizant reports 8

9 18 M-Pesa Moved Sh727 Billion Last Year, Mobile Money Africa, July Online Banks' Deposits Grow at Quadruple Industry Pace, American Banker, January ING Direct Opens First Branch in San Francisco, a Café, San Francisco Chronicle, December Robert Peston, WhatThreat to Banks from Internet Lenders? BBC Business, March Opinion Polling: The Economic State of Small Business, American Sustainable Business Council, February The Pew Research Center defines millennials as the generation that was born after 1980 the first generation to come of age in the new millennium. 24 Overview of Smartphone Adoption, Pew Research Center, July The Baby Boomer and Millennial Generations: Attitudes Toward Banking, Microsoft, January Katherine Burger, Even Growing Bank IT Budgets Are Strained by Competing Priorities, Bank Systems & Technology, Jan. 3, Credits Author and Analyst Akhil Tandulwadikar, Senior Research Associate, Cognizant Research Center Subject Matter Expert Craig Zander, Director, Cognizant Business Consulting s Banking and Financial Services Practice Design Harleen Bhatia, Creative Director Suresh Sambandhan, Designer About Cognizant Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world s leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50 delivery centers worldwide and approximately 145,200 employees as of June 30, 2012, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at for more information. World Headquarters 500 Frank W. Burr Blvd. Teaneck, NJ USA Phone: Fax: Toll Free: European Headquarters 1 Kingdom Street Paddington Central London W2 6BD Phone: +44 (0) Fax: +44 (0) India Operations Headquarters #5/535, Old Mahabalipuram Road Okkiyam Pettai, Thoraipakkam Chennai, India Phone: +91 (0) Fax: +91 (0) Copyright 2012, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners.

> Cognizant Analytics for Banking & Financial Services Firms

> Cognizant Analytics for Banking & Financial Services Firms > Cognizant for Banking & Financial Services Firms Actionable insights help banks and financial services firms in digital transformation Challenges facing the industry Economic turmoil, demanding customers,

More information

Transform Customer Experience through Contact Center Modernization

Transform Customer Experience through Contact Center Modernization Cognizant Healthcare Solution Overview Transform Customer Experience through Contact Center Modernization Improve customer experience and reduce costs with next-generation contact center services Health

More information

ICD-10 Advantages Require Advanced Analytics

ICD-10 Advantages Require Advanced Analytics Cognizant 20-20 Insights ICD-10 Advantages Require Advanced Analytics Compliance alone will not deliver on ICD-10 s potential to improve quality of care, reduce costs and elevate efficiency. Organizations

More information

Building a Collaborative Multichannel Insurance Distribution Strategy

Building a Collaborative Multichannel Insurance Distribution Strategy Cognizant 20-20 Insights Building a Collaborative Multichannel Insurance Distribution Strategy A CRM-enabled agency management solution can help improve agency channel productivity and enable multichannel

More information

Key Indicators: An Early Warning System for Multichannel Campaign Management

Key Indicators: An Early Warning System for Multichannel Campaign Management Cognizant 20-20 Insights Key Indicators: An Early Warning System for Multichannel Campaign Management For pharmaceuticals companies, a careful analysis of both leading and lagging indicators for multichannel

More information

Cloud Brokers Can Help ISVs Move to SaaS

Cloud Brokers Can Help ISVs Move to SaaS Cognizant 20-20 Insights Cloud Brokers Can Help ISVs Move to SaaS Executive Summary Many large organizations are purchasing software as a service (SaaS) rather than buying and hosting software internally.

More information

Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery

Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery Cognizant 20-20 Insights Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery An integrated, consolidated bids wanted platform can make all market bids available, regardless

More information

Retail Analytics: Game Changer for Customer Loyalty

Retail Analytics: Game Changer for Customer Loyalty Cognizant 20-20 Insights Retail Analytics: Game Changer for Customer Loyalty By leveraging analytics tools and models, retailers can boost customer loyalty by creating a personalized shopping experience

More information

Credit Decision Indices: A Flexible Tool for Both Credit Consumers and Providers

Credit Decision Indices: A Flexible Tool for Both Credit Consumers and Providers Cognizant 20-20 Insights Decision Indices: A Flexible Tool for Both Consumers and Providers Executive Summary information providers have increased their focus on developing new information solutions, enriching

More information

How Global Banks Are Gearing Up to Address Emerging International Payment Processing Needs

How Global Banks Are Gearing Up to Address Emerging International Payment Processing Needs Cognizant 20-20 Insights How Global Banks Are Gearing Up to Address Emerging International Processing Needs Executive Summary Recent times have seen a significant upturn in the number of international

More information

Integrated Market Research: The Intelligence Behind Commercial Transformation

Integrated Market Research: The Intelligence Behind Commercial Transformation Cognizant 20-20 Insights Integrated Market Research: The Intelligence Behind Commercial Transformation To perform effectively in today s challenging economic conditions, pharma companies are weaving primary

More information

LifeEngage : The Life Insurance Platform for the Digital-Age Insurer

LifeEngage : The Life Insurance Platform for the Digital-Age Insurer Cognizant Solutions Overview Solution Overview LifeEngage : The Life Insurance Platform for the Digital-Age Insurer 1 LifeEngage Solution Overview Cognizant Solutions Overview Digital forces are disrupting

More information

Giving BI a Human Touch

Giving BI a Human Touch Cognizant 20-20 Insights Giving BI a Human Touch Executive Summary To ensure widespread adoption of business intelligence (BI) practices, organizations have been increasingly deploying state-of-the-art

More information

Five Steps for Succeeding with Social Media and Delivering an Enhanced Customer Experience

Five Steps for Succeeding with Social Media and Delivering an Enhanced Customer Experience Cognizant 20-20 Insights Five Steps for Succeeding with Social Media and Delivering an Enhanced Customer Experience Executive Summary Social CRM places the customer at the heart of the company, where customers

More information

Two-Tier ERP Strategy: First Steps

Two-Tier ERP Strategy: First Steps Cognizant 20-20 Insights Two-Tier ERP Strategy: First Steps Monolithic ERP solutions are often too complex, slow and expensive to manage in perpetuity; hybrid solutions that combine on-premises/ cloud-hosted

More information

Cognizant 20-20 Insights. Executive Summary. Overview

Cognizant 20-20 Insights. Executive Summary. Overview Automated Product Data Publishing from Oracle Product Hub Is the Way Forward A framework using Oracle tools and technologies to publish products from Oracle Product Hub to disparate product data consuming

More information

Adopting the Right Software Test Maturity Assessment Model

Adopting the Right Software Test Maturity Assessment Model Cognizant 20-20 Insights Adopting the Right Software Test Maturity Assessment Model To deliver world-class quality outcomes relevant to their business objectives, IT organizations need to choose wisely

More information

Innovative, Cloud-Based Order Management Solutions Lead to Enhanced Profitability

Innovative, Cloud-Based Order Management Solutions Lead to Enhanced Profitability Cognizant 20-20 Insights Innovative, Cloud-Based Order Management Solutions Lead to Enhanced Profitability Executive Summary To contend with increasing product and service complexity, communication service

More information

Diagramming Change to Better Inform Business Process Renovation

Diagramming Change to Better Inform Business Process Renovation Cognizant 20-20 Insights Diagramming Change to Better Inform Business Process Renovation To gain the full benefits of business process management, banks must apply a business process model and notation-driven

More information

The Analytics Advantage

The Analytics Advantage Cognizant Solutions Overview The Analytics Advantage Institutions of higher education are leveraging analytics to do everything from measuring and improving their own effectiveness to providing more engaging

More information

Cognizant Mobility Testing Lab A state of the art Integrated platform for Mobility QA

Cognizant Mobility Testing Lab A state of the art Integrated platform for Mobility QA Solutions Overview Cognizant Mobility Testing Lab A state of the art Integrated platform for Mobility QA Mobile App QA Reinvented: With the astounding proliferation of mobile devices, smartphones and tablets

More information

Cognizant Mobility Testing Lab. The faster, easier, more cost-effective way to test enterprise mobile apps.

Cognizant Mobility Testing Lab. The faster, easier, more cost-effective way to test enterprise mobile apps. Cognizant Mobility Testing Lab The faster, easier, more cost-effective way to test enterprise mobile apps. Be Cognizant 2 MOBILE APP TESTING REINVENTED With Cognizant Mobility Testing Lab You Will Save

More information

Cognizant assetserv Digital Experience Management Solutions

Cognizant assetserv Digital Experience Management Solutions Cognizant assetserv Digital Experience Management Solutions Transforming digital assets into engaging customer experiences. Eliminate complexity and create a superior digital experience with Cognizant

More information

> Solution Overview COGNIZANT CLOUD STEPS TRANSFORMATION FRAMEWORK THE PATH TO GROWTH

> Solution Overview COGNIZANT CLOUD STEPS TRANSFORMATION FRAMEWORK THE PATH TO GROWTH > Solution Overview COGNIZANT CLOUD STEPS TRANSFORMATION FRAMEWORK A comprehensive, tool-based framework speeds up the time to value for your cloud-enabled business transformation projects. It s accepted:

More information

Maximizing Business Value Through Effective IT Governance

Maximizing Business Value Through Effective IT Governance Cognizant 0-0 Insights Maximizing Business Value Through Effective IT Implementing a holistic IT governance model not only helps IT deliver business value but also advances confidence with business. Executive

More information

Granular Pricing of Workers Compensation Risk in Excess Layers

Granular Pricing of Workers Compensation Risk in Excess Layers Cognizant 20-20 Insights Granular Pricing of Workers Compensation Risk in Excess Layers Identifying risk at a granular level and pricing it appropriately will put carriers on a path to sound underwriting

More information

Reducing Costs, Increasing Choice: Private Health Insurance Exchanges

Reducing Costs, Increasing Choice: Private Health Insurance Exchanges Cognizant 20-20 Insights Reducing Costs, Increasing Choice: Private Health Insurance Exchanges Private exchanges provide payers with a competitive, value-generating solution to the challenges posed by

More information

Complaints Management: Integrating and Automating the Process

Complaints Management: Integrating and Automating the Process Cognizant 20-20 Insights Complaints Management: Integrating and Automating the Process To strengthen their brand and fortify customer relationships, device manufacturers require a standards-based, next-generation

More information

Cognizant Mobile Risk Assessment Solution

Cognizant Mobile Risk Assessment Solution Cognizant Solutions Overview Solution Overview Cognizant Mobile Risk Assessment Solution 1 Mobile Risk Assessment Solution Overview Cognizant Solutions Overview Transforming Risk Engineering, Field Underwriting

More information

Speed, Agility: The SaaS Killer Apps

Speed, Agility: The SaaS Killer Apps Cognizant 20-20 Insights Speed, Agility: The SaaS Killer Apps Executive Summary Buying software as a service (SaaS) helps companies compete by democratizing, decentralizing and speeding application deployment.

More information

Driving Innovation Through Business Relationship Management

Driving Innovation Through Business Relationship Management Cognizant 20-20 Insights Driving Innovation Through Business Relationship Management BRM organizations take the IT-business partnership to the next level, enabling technology to transform business capabilities.

More information

DevOps Best Practices: Combine Coding with Collaboration

DevOps Best Practices: Combine Coding with Collaboration Cognizant 20-20 Insights DevOps Best Practices: Combine Coding with Collaboration (Part Two of a Two-Part Series) Effectively merging application development and operations requires organizations to assess

More information

Elevating Medical Management Services to Meet Member Expectations

Elevating Medical Management Services to Meet Member Expectations Cognizant 20-20 Insights Elevating Medical Services to Meet Member Expectations Healthcare payer organizations can lower the cost of commoditized medical management functions via better and different processes,

More information

From Brick to Click: E-Commerce Trends in Industrial Manufacturing

From Brick to Click: E-Commerce Trends in Industrial Manufacturing Cognizant White Paper From Brick to Click: E-Commerce Trends in Industrial Manufacturing The Internet s large-scale global penetration has spawned an increasingly large number of technology- and Web-savvy

More information

Agile Planning in a Multi-project, Multi-team Environment

Agile Planning in a Multi-project, Multi-team Environment Cognizant 20-20 Insights Agile Planning in a Multi-project, Multi-team Environment How organizations evolve to cope with the challenge of scaling Agile planning and improving its reliability. Executive

More information

How Healthy Is Your SaaS Business?

How Healthy Is Your SaaS Business? Cognizant 20-20 Insights How Healthy Is Your SaaS Business? ISVs can t know for sure unless they apply a structured approach to software-as-a-service performance monitoring. They can apply metrics and

More information

Virtual Brand Management: Optimizing Brand Contribution

Virtual Brand Management: Optimizing Brand Contribution Cognizant Solution Overview Virtual Brand Management: Optimizing Brand Contribution The Challenge The pharmaceuticals industry today is facing nothing short of a crisis. For starters, a reduced number

More information

Creating Competitive Advantage with Strategic Execution Capability

Creating Competitive Advantage with Strategic Execution Capability Cognizant 20-20 Insights Creating Competitive Advantage with Strategic Execution Capability By embracing the Strategic Execution Framework, organizations can identify and resolve internal stress points

More information

A Tag Management Systems Primer

A Tag Management Systems Primer Cognizant 20-20 Insights A Tag Management Systems Primer Emergent tagging tools allow nontechnical resources to more effectively manage JavaScripts used by ad measurement and serving systems. Executive

More information

ICD Code Crosswalks: No Substitute for ICD-10 Compliance

ICD Code Crosswalks: No Substitute for ICD-10 Compliance Cognizant 20-20 Insights ICD Code s: No Substitute for Compliance While crosswalk solutions may appear compelling, their usefulness is significantly limited by implementation complexity and expense, as

More information

Moving Beyond Social CRM with the Customer Brand Score

Moving Beyond Social CRM with the Customer Brand Score Cognizant 20-20 Insights Moving Beyond Social CRM with the Customer Brand Score Travel and hospitality organizations can boost customer loyalty by better understanding customer behaviors and attitudes,

More information

Improve Sourcing and Contract Management for better Supplier Relationship

Improve Sourcing and Contract Management for better Supplier Relationship Cognizant Solution Overview Improve Sourcing and Contract for better Supplier Relationship Introduction Organizations consider sourcing and contract management as a source of competitive advantage in the

More information

Making Multicloud Application Integration More Efficient

Making Multicloud Application Integration More Efficient Cognizant 20-20 Insights Making Multicloud Application Integration More Efficient As large organizations leverage the cloud for more and more business functionality and cost savings, integrating such capabilities

More information

2020 Foresight: Best Practices in Implementing Mobile Payments

2020 Foresight: Best Practices in Implementing Mobile Payments 2020 Foresight: Best Practices in Implementing Mobile Payments Product Code: VR0963MR Published Date: November 2013 For more details about the full report, please contact: T: +65 6383 4688 E: info@ap.timetric.com

More information

Fortifying Retailing from Online Fraud

Fortifying Retailing from Online Fraud Cognizant White Paper Fortifying Retailing from Online Fraud Executive Summary The Web is fast becoming a vital sales channel for retailers. In the U.S., online retail sales have grown almost 10% year

More information

Virtual Clinical Organization: The New Clinical Development Operating Model

Virtual Clinical Organization: The New Clinical Development Operating Model Cognizant 20-20 Insights Virtual Clinical Organization: The New Clinical Development Operating Model Executive Summary Clinical development executives are facing more pressure than ever to reduce costs

More information

DELIVER BUSINESS OUTCOMES QUICKER.

DELIVER BUSINESS OUTCOMES QUICKER. DELIVER BUSINESS OUTCOMES QUICKER. COGNIZANT INFRASTRUCTURE SERVICES Accelerating business. A QUICKER RESPONSE TO THE NEW DEMANDS OF INFRASTRUCTURE The speed of new technologies, the rate of change in

More information

Enabling Integrated Claims Management

Enabling Integrated Claims Management Cognizant 20-20 Insights Enabling Integrated s Creating a more streamlined and intuitive insurance claims environment can pay huge dividends. Executive Summary The financial services industry has undergone

More information

The Future of Energy Management

The Future of Energy Management Cognizant 20-20 Insights The Future of Energy To reduce operating costs and cut wastage, manufacturers must take their energy management optimization efforts beyond utility consumption monitoring and focus

More information

Coordinating Security Response and Crisis Management Planning

Coordinating Security Response and Crisis Management Planning Cognizant 20-20 Insights Coordinating Security Response and Crisis Management Planning Proper alignment of these two critical IT disciplines can mean the difference between an efficient response and a

More information

Mortgage LOS Platform Evaluation and Selection

Mortgage LOS Platform Evaluation and Selection Cognizant 20-20 Insights Mortgage LOS Platform Evaluation and Selection A comprehensive and fact-based process that takes into account business goals, channels, target segments, products and investors

More information

Toward Customer-centric Payments Operating Models

Toward Customer-centric Payments Operating Models Cognizant 20-20 Insights Toward Customer-centric Payments Operating Models Growing competition and cost pressure are forcing Dutch banks to reconsider the traditional payments business model. Executive

More information

2020 Foresight: Best Practices in Implementing Mobile Payments

2020 Foresight: Best Practices in Implementing Mobile Payments 2020 Foresight: Best Practices in Implementing Mobile Payments Product Code: VR0963MR Published Date: November 2013 www.timetric.com TABLE OF CONTENTS TABLE OF CONTENTS 1 Executive Summary... 6 2 Dynamics

More information

Geeky Introverts No More: How Tech Companies Can Engage with Customers Using Social CRM

Geeky Introverts No More: How Tech Companies Can Engage with Customers Using Social CRM Cognizant 20-20 Insights Geeky Introverts No More: How Tech Companies Can Engage with Customers Using Social CRM Executive Summary While change and adaptability to change are business constants, one thing

More information

Evaluating the Impact of Non-sales Metrics in Incentive Compensation Plans

Evaluating the Impact of Non-sales Metrics in Incentive Compensation Plans Cognizant 20-20 Insights Evaluating the Impact of Non-sales Metrics in Incentive Compensation Plans Executive Summary Historically, incentive compensation plans in the life sciences sphere measured job

More information

Emerging Differentiators of a Successful Wealth Management Platform

Emerging Differentiators of a Successful Wealth Management Platform Cognizant 20-20 Insights Emerging Differentiators of a Successful Wealth Management Platform Changes in the wealth management industry point to the need for scale and flexibility goals that can be achieved

More information

Taking Wealth Management to the Next Level Advisor Lifecycle Management

Taking Wealth Management to the Next Level Advisor Lifecycle Management Cognizant 20-20 Insights Taking Wealth Management to the Next Level Advisor Lifecycle Management Executive Summary Despite growing recession fears, the wealth management industry is growing steadily, driven

More information

POS Data Quality: Overcoming a Lingering Retail Nightmare

POS Data Quality: Overcoming a Lingering Retail Nightmare Cognizant 20-20 Insights POS Data Quality: Overcoming a Lingering Retail Nightmare By embracing a holistic and repeatable framework, retailers can first pilot and then remediate data quality issues incrementally,

More information

WITH AGILE TECHNOLOGY

WITH AGILE TECHNOLOGY FUTURE-PROOF BANKING STRATEGIES Technology Transformation STARTS NOW Banks now better understand the strategic nature of their core systems and are ready to embark on critical technology projects to support

More information

Why Business Intelligence is Mission Critical for Winning Against Your Competition. By Stan Cowan Senior Solutions Marketing Manager

Why Business Intelligence is Mission Critical for Winning Against Your Competition. By Stan Cowan Senior Solutions Marketing Manager White Paper Business Intelligence Why Business Intelligence is Mission Critical for Winning Against Your Competition By Stan Cowan Senior Solutions Marketing Manager Why Business Intelligence is Mission

More information

Transforming the Business with Outcome-Oriented IT Infrastructure Services Delivery

Transforming the Business with Outcome-Oriented IT Infrastructure Services Delivery Cognizant 20-20 Insights Transforming the Business with Outcome-Oriented IT Infrastructure Services Delivery To enable IT to advance enterprise objectives, organizations must look holistically at IT infrastructure

More information

Agile/Scrum Implemented in Large-Scale Distributed Program

Agile/Scrum Implemented in Large-Scale Distributed Program Cognizant 20-20 Insights Agile/Scrum Implemented in Large-Scale Distributed Program Executive Summary It was early July 2010 when problems were detected while running a large program at one of our clients

More information

Talent as a Service: Enabling Employee Engagement While Boosting Efficiencies

Talent as a Service: Enabling Employee Engagement While Boosting Efficiencies White Paper Talent as a Service: Enabling Employee Engagement While Boosting Efficiencies The human resources (HR) and human capital management (HCM) landscapes have changed radically in recent years.

More information

The Social Paradigm of Claims Management

The Social Paradigm of Claims Management Cognizant 20-20 Insights The Social Paradigm of Claims Management To render claims management processes more dynamic and effective, insurers must integrate enterprise applications with data and insights

More information

2016 OUTLOOK: GLOBAL PAYMENTS

2016 OUTLOOK: GLOBAL PAYMENTS December 2015 2016 OUTLOOK: GLOBAL PAYMENTS Disruption across the industry a global theme Around the world, new entrants (including start-ups and nontraditional players) are entering the payments industry.

More information

E-invoicing in Corporate Banking: A European Perspective

E-invoicing in Corporate Banking: A European Perspective Cognizant 20-20 Insights E-invoicing in Corporate Banking: A European Perspective Persistently tough business conditions have forced European banks and their clients to find ways to create a more free-flowing,

More information

The Business Case for On-Demand Test Services

The Business Case for On-Demand Test Services Cognizant Reports The Business Case for On-Demand Test Services The traditional QA service delivery model is stifling organizations with high incidents of defects, inefficiencies and delays. On-demand

More information

How Responsive Is Your Testing?

How Responsive Is Your Testing? Cognizant 0-0 Insights How Responsive Is Your Testing? To accelerate business digitization, organizations need to ensure a seamless user experience across diverse channels, one that starts with a fresh

More information

Extending Function Point Estimation for Testing MDM Applications

Extending Function Point Estimation for Testing MDM Applications Cognizant 20-20 Insights Extending Function Point Estimation for Testing Applications Executive Summary Effort estimation of testing has been a much debated topic. A variety of techniques are used ranging

More information

Don t Let Your Data Get SMACked: Introducing 3-D Data Management

Don t Let Your Data Get SMACked: Introducing 3-D Data Management Don t Let Your Data Get SMACked: Introducing 3-D Data Management As social, mobile, analytics and cloud continue to disrupt business, organizations need a new approach to data management that supports

More information

Online Capabilities of UAE Insurance Carriers: The Road to Customer Satisfaction

Online Capabilities of UAE Insurance Carriers: The Road to Customer Satisfaction Cognizant 20-20 Insights Online Capabilities of UAE Insurance Carriers: The Road to Customer Satisfaction Given increased competitive pressures and significant operational challenges, highly functional

More information

Open Source Testing Tools: The Paradigm Shift

Open Source Testing Tools: The Paradigm Shift Cognizant 20-20 Insights Open Source Testing Tools: The Paradigm Shift Executive Summary Businesses today demand faster time-to-market for their software products without significant expenditures in testing

More information

Digitizing Automotive Financing: The Road Ahead

Digitizing Automotive Financing: The Road Ahead Cognizant 20-20 Insights Digitizing Automotive Financing: The Road Ahead To fulfill the promise of digital technology, lenders and automotive makers must be able to connect anytime and anywhere with consumers,

More information

Using Predictive Analytics to Optimize Asset Maintenance in the Utilities Industry

Using Predictive Analytics to Optimize Asset Maintenance in the Utilities Industry Cognizant 20-20 Insights Using Predictive Analytics to Optimize Asset Maintenance in the Utilities Industry By working proactively to collect and distill digital information, transmission and distribution

More information

Integrated Approach to Build Patient Adherence: Helping Pharmaceutical Companies to Enhance Growth

Integrated Approach to Build Patient Adherence: Helping Pharmaceutical Companies to Enhance Growth Cognizant White Paper Integrated Approach to Build Patient Adherence: Helping Pharmaceutical Companies to Enhance Growth Executive Summary Pharmaceutical companies have traditionally considered various

More information

Borrower Enablement in Mortgages

Borrower Enablement in Mortgages Cognizant 20-20 Insights Borrower Enablement in Mortgages Executive Summary At the dawn of the 21st century, borrowers began their home loan search by visiting their broker or nearest bank and exploring

More information

The Business Case for On-Demand Test Services

The Business Case for On-Demand Test Services Cognizant Reports The Business Case for On-Demand Test Services The traditional QA service delivery model is stifling organizations with high incidents of defects, inefficiencies and delays. On-demand

More information

Leveraging Automated Data Validation to Reduce Software Development Timelines and Enhance Test Coverage

Leveraging Automated Data Validation to Reduce Software Development Timelines and Enhance Test Coverage Cognizant 20-20 Insights Leveraging Automated Validation to Reduce Software Development Timelines and Enhance Test Coverage By industrializing data validation, QA organizations can accelerate timeto-market

More information

Strategic Intraday Liquidity Monitoring Solution for Banks: Looking Beyond Regulatory Compliance

Strategic Intraday Liquidity Monitoring Solution for Banks: Looking Beyond Regulatory Compliance Cognizant 20-20 Insights Strategic Intraday Liquidity Monitoring Solution for Banks: Looking Beyond Regulatory Compliance Incorporating advanced real-time data and analytical capabilities in the solution

More information

Explore the Art of the Possible Discover how your company can create new business value through a co-innovation partnership with SAP

Explore the Art of the Possible Discover how your company can create new business value through a co-innovation partnership with SAP Explore the Art of the Possible Discover how your company can create new business value through a co-innovation partnership with SAP Innovate to Differentiate How SAP technology innovations can help your

More information

Unlocking the opportunity with Decision Analytics

Unlocking the opportunity with Decision Analytics Unlocking the opportunity with Decision Analytics Not so long ago, most companies could be successful by simply focusing on fundamentals: building a loyal customer base through superior products and services.

More information

Sliding Oil Prices: Predicament or Prospect?

Sliding Oil Prices: Predicament or Prospect? Cognizant PoV Sliding Oil Prices: Predicament or Prospect? Given the steep plunge in crude oil prices and resulting cash crunch, now is the perfect time for oil and gas companies to revisit their value

More information

Cognizant White Paper. > Casual Dining vs. Quick Service. Key differences from a Process-IT standpoint

Cognizant White Paper. > Casual Dining vs. Quick Service. Key differences from a Process-IT standpoint Cognizant White Paper > Casual Dining vs. Quick Service Key differences from a Process-IT standpoint 1 The Restaurant Industry The Restaurant industry is one of the most fragmented industries that accounted

More information

Invigorate Your Mobile Commerce Strategy with Low-Cost Payment Steering

Invigorate Your Mobile Commerce Strategy with Low-Cost Payment Steering Invigorate Your Mobile Commerce Strategy with Low-Cost Payment Steering By: Theresa Ward Director, First Data 2012 First Data Corporation. All trademarks, service marks and trade names referenced in this

More information

Optimizing Agile with Global Software Development and Delivery

Optimizing Agile with Global Software Development and Delivery Cognizant 20-20 Insights Optimizing Agile with Global Software and Delivery A blueprint for integrating global delivery and Agile methodology, allowing organizations to achieve faster returns on investment,

More information

Enterprise Voice Technology Solutions: A Primer

Enterprise Voice Technology Solutions: A Primer Cognizant 20-20 Insights Enterprise Voice Technology Solutions: A Primer A successful enterprise voice journey starts with clearly understanding the range of technology components and options, and often

More information

Retail Banking: Innovation distinguishes between the leaders and the followers GRANT THORNTON FINANCIAL SERVICES GROUP SEPTEMBER 2013

Retail Banking: Innovation distinguishes between the leaders and the followers GRANT THORNTON FINANCIAL SERVICES GROUP SEPTEMBER 2013 Retail Banking: Innovation distinguishes between the leaders and the followers GRANT THORNTON FINANCIAL SERVICES GROUP SEPTEMBER 2013 10-30% of customers make up 90% of profits 1 New entrants Customers

More information

TALENT OPTIMIZATION. Transforming HR and Human Capital Management for Business Growth

TALENT OPTIMIZATION. Transforming HR and Human Capital Management for Business Growth TALENT OPTIMIZATION Transforming HR and Human Capital Management for Business Growth TALENT OPTIMIZATION Transforming HR and Human Capital Management for Business Growth THE TALENT OPTIMIZATION OBJECTIVE

More information

Manufacturers Gain Flexibility, Velocity by Running Finance, Accounting as a Service

Manufacturers Gain Flexibility, Velocity by Running Finance, Accounting as a Service Cognizant 20-20 Insights Manufacturers Gain Flexibility, Velocity by Running Finance, Accounting as a Service Executive Summary Unless you ve been residing under a rock for the past two years, you are

More information

Next Generation Electric Utilities Gear up Using Cloud Based Services

Next Generation Electric Utilities Gear up Using Cloud Based Services A Point of View Next Generation Electric Utilities Gear up Using Cloud Based Services Abstract Globally, liberalization of the electricity sector has driven a paradigm shift in the ownership structure,

More information

The Economic Value of Data: A New Revenue Stream for Global Custodians

The Economic Value of Data: A New Revenue Stream for Global Custodians Cognizant 20-20 Insights The Economic Value of Data: A New Revenue Stream for Global Custodians Big data initiatives in the areas of cross-selling, digital experience and operational agility can yield

More information

The healthcare industry is changing more rapidly than ever, creating new opportunities for those who stand ready to seize them. Who are we?

The healthcare industry is changing more rapidly than ever, creating new opportunities for those who stand ready to seize them. Who are we? The healthcare industry is changing more rapidly than ever, creating new opportunities for those who stand ready to seize them. COGNIZANT AT A GLANCE In this increasingly dynamic business environment,

More information

Predictive Response to Combat Retail Shrink

Predictive Response to Combat Retail Shrink Cognizant 20-20 Insights Predictive Response to Combat Retail Shrink By combining the statistical and mathematical rigor of advanced analytics with established business acumen and domain experience, retailers

More information

Streamlining Submission Intake in Commercial Underwriting for Middle Market Segments

Streamlining Submission Intake in Commercial Underwriting for Middle Market Segments Cognizant 20-20 Insights Streamlining Submission Intake in Commercial Underwriting for Middle Market Segments Automated data extraction of submission documents combined with manual prequalification by

More information

Moving Financial Planning and Analysis to the Next Level

Moving Financial Planning and Analysis to the Next Level Cognizant 20-20 Insights Moving Financial Planning and Analysis to the Next Level Turning over contextual tasks to a trusted partner can free finance professionals to work on key strategic imperatives

More information

NOUS CREATING POSITIVE CUSTOMER EXPERIENCE IN BANKING INFOSYSTEMS LEVERAGING INTELLECT

NOUS CREATING POSITIVE CUSTOMER EXPERIENCE IN BANKING INFOSYSTEMS LEVERAGING INTELLECT NOUS INFOSYSTEMS LEVERAGING INTELLECT CREATING POSITIVE CUSTOMER EXPERIENCE IN BANKING Abstract Understanding the customer experience is the key in today s highly competitive and changing banking industry.

More information